v3.25.2
Summary of Significant Accounting Policies - Schedule of Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Recurring Basis    
Assets, Fair Value Disclosure [Abstract]    
Assets, fair value disclosure $ 173,823 $ 85,727
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, fair value disclosure 106,236 105,460
Recurring Basis | Level 1    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure   588
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, fair value disclosure   17
Recurring Basis | Level 2    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure 38,858 5,829
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, fair value disclosure 323 118
Recurring Basis | Level 3    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure 134,965 79,310
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, fair value disclosure 105,913 105,325
Mandatorily Redeemable Instruments | Level 3    
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, fair value disclosure [1] 105,913  
Mandatorily Redeemable Instruments | Recurring Basis    
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, fair value disclosure 105,913 105,325
Mandatorily Redeemable Instruments | Recurring Basis | Level 3    
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, fair value disclosure 105,913 105,325
Interest Rate Swaps | Recurring Basis    
Liabilities, Fair Value Disclosure [Abstract]    
Derivatives, fair value disclosure [2] 323 118
Interest Rate Swaps | Recurring Basis | Level 2    
Liabilities, Fair Value Disclosure [Abstract]    
Derivatives, fair value disclosure [2] 323 118
Treasury-note Futures Contracts | Recurring Basis    
Liabilities, Fair Value Disclosure [Abstract]    
Derivatives, fair value disclosure [2]   17
Treasury-note Futures Contracts | Recurring Basis | Level 1    
Liabilities, Fair Value Disclosure [Abstract]    
Derivatives, fair value disclosure [2]   17
Investments in Real Estate Debt | Recurring Basis    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure 134,965 79,310
Investments in Real Estate Debt | Recurring Basis | Level 3    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure 134,965 79,310
Investments in Real Estate-related and Other Securities | Recurring Basis    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure 38,858 6,417
Investments in Real Estate-related and Other Securities | Recurring Basis | Level 1    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure   588
Investments in Real Estate-related and Other Securities | Recurring Basis | Level 2    
Assets, Fair Value Disclosure [Abstract]    
Investments, fair value disclosure $ 38,858 $ 5,829
[1]

(2) Mandatorily Redeemable Instruments are carried at the NAV of the Class E units and Class E shares, which is determined monthly in accordance with the Company's valuation guidelines.
[2]

(1) Included in accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.